End to subprime write-downs in sight: S&P

Standard & Poor’s said write-downs for large financial institutions on subprime debt are likely past the halfway mark, but could still hit $285 billion. S&P’s estimate of write-downs was up from the $265 billion figure it published in January, but the credit ratings agency said an end to subprime write-downs was in sight. “The positive news is that global financial sector appears to have already disclosed the majority of valuation write-downs,” S&P said in a report.